Oil Prices Rise on Better than Expected Data

oil
  • Oil Prices Rise on Better than Expected Data

Oil prices rose on Monday to record the longest daily gains in more than 17 months following a strong U.S. job data.

Brent crude oil rose to $58.81 barrel, the highest since December 19. While the U.S. West Texas Intermediate climbed 2.34 percent to $49.08.

The positive job data boosted global confidence as investors attributed it to surge in demand for crude oil in 2019.

Also, the report that the U.S delegates are already in China to discuss trade and finally reach a workable agreement aided business outlook.

“The statement from the Fed chair was in the direction of what the market bulls have wanted,” said Kim Kwangrae, a commodities analyst at Samsung Futures Inc. in Seoul. “At the same time, there’s increased expectation that OPEC+ will cut its production from this month. The drop in the U.S. rig count is also seen as a bullish factor.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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